The United Kingdom has historically played a leading role in developing parliamentary democracy and in advancing literature and science. At its zenith in the 19th century, the British Empire stretched over one-fourth of the earth's surface. The first half of the 20th century saw the UK's strength seriously depleted in two World Wars and the Irish republic withdraw from the union. The second half witnessed the dismantling of the Empire and the UK rebuilding itself into a modern and prosperous European nation. As one of five permanent members of the UN Security Council, a founding member of NATO, and of the Commonwealth, the UK pursues a global approach to foreign policy. The UK is also an active member of the EU, although it chose to remain outside the Economic and Monetary Union. Devolution and constitutional reform have been significant recent issues in the UK. The Scottish Parliament, the National Assembly for Wales, and the Northern Ireland Assembly were established in 1999, but the latter was suspended until May 2007 due to wrangling over the peace process.[13]

Points of interest

For economists, Henry VIII of England should be almost as famous for clipping his kingdom's coins as he was for chopping off the heads of its queens. Despite inheriting a vast fortune from his father, Henry VII, and even after confiscating the church's assets, he found himself in such desperate need of funds that he resorted to an epic debasement of the currency. This debasement began in 1542 and continued through the end of Henry's reign in 1547 and on into that of his successor, Edward VI. Cumulatively, the pound lost 83 percent of its silver content during this period.[20]

Notes

↑No law was passed making God Save the Queen the official anthem. In the British tradition, such laws are not necessary; proclamation and usage are sufficient to make it the official national anthem. God Save the Queen also serves as the Royal anthem for several other countries.

References

Note: statistical data was rounded. Different sources may use different methodologies for their estimates. Debt to revenue is calculated by dividing the two variables from their original ('unrounded') values. It represents how long it would a government take to repay its entire debt if it used its whole revenue for this purpose.